Long liquidation in KC wheat; Basis unchanged to 6c higher
Nov 24, 2009
The KCBT Review, the daily newsletter that the traders at the Kansas City Board of Trade use on a daily basis to keep on top of the market, is the most comprehensive source for cash wheat, grain and futures information. The Kansas City Board of Trade Review is produced by the KCBT staff every day the market is in session for KCBT traders and features a daily wrap up of the grain market for both cash and futures.
Highlights from Nov. 24:
KC CASH HRW WHEAT
The basis was unchanged to 6cents higher today, with the ordinary protein levels 6 cents higher. The basis will roll to March futures tomorrow.
GULF HRW WHEAT, 11.0% protein
Nov shipment was at 41 over KCBT December. Wheat for Dec shipment was n/b over December. Wheat for Jan shipment was n/b over March.
The Pacific Northwest wheat markets were unchanged to higher today. First half of December soft white wheat values were 10 cents higher at 5.05 today. First half of December hard red spring wheat values were unchanged at 145 over MGE March futures. Hard red winter wheat values for first half of December shipment were unchanged at 20c over KCBT Mar wheat futures.
KCBT Wheat Futures
Today marked a significant amount of liquidation in Kansas City wheat futures, approaching the Thanksgiving Day holiday and Monday's first notice of delivery against the Kansas City December contract, traders said.
There was an overall lack of buying interest in the market today, and KC wheat futures took direction from yesterday's poor technical close, traders said. The investment money that has been buying into wheat futures the past few weeks was absent today, and liquidation ensued. The KC Dec/Mar spread traded actively today at 16 to 16 1/4 cents. Conditions are favorable at this time in HRW wheat growing areas, traders added. KC Dec wheat settled 24 1/2 cents lower at $5.29 1/2.
Today's trading volume was estimated at 30,913 contracts.
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